Despite Coinbase CEO Brian Armstrong becoming the latest cryptocurrency executive to predict that Bitcoin will reach $1 million by 2030, cryptocurrency analysts are warning that investors should not rush in after Bitcoin fell to $112,676 this week, a 9% drop from its all-time high.
“Roughly what’s in my mind is that by 2030 we will see Bitcoin reach $1 million,” Armstrong said to John Collison on the “Cheeky Pint” podcast on Wednesday.
Armstrong listed several reasons supporting his Bitcoin (BTC) prediction, including the clearer regulatory environment forming in the U.S., which he described as a “bellwether for other G20 members.”
He pointed out that the U.S. recently passed the Genius Act stablecoin bill, and related market structure legislation is currently being debated in the Senate.
He expressed hope for progress by the end of this year, which would be an important milestone.
He also mentioned the U.S. strategic Bitcoin reserves. “If you had asked me five years ago, this was just something on the vision board. Back then, people would have said you were crazy; the U.S. government could never officially hold Bitcoin.”
On the same day, Eric Trump also stated at a blockchain seminar in Wyoming, “There’s no doubt Bitcoin will reach $1 million in a few years.”
McKay Research analyst James McKay believes that Bitcoin holders should not be overly optimistic about the future price of the asset.
“Let’s try to hold the $124,000 level first,” McKay posted on X platform on Tuesday. A week ago, Bitcoin hit a new high of $124,128 but then retraced its gains.
Additionally, McKay stated that Armstrong’s prediction “is not without basis,” as Standard Chartered has predicted Bitcoin will reach $500,000 by 2028.
Factors supporting Bitcoin's continued rise include cryptocurrency custodians and sovereign nations purchasing Bitcoin, ongoing institutional interest in Bitcoin, and growing demand for spot Bitcoin ETFs.
At the same time, short-term resistance may come from the Federal Reserve delaying interest rate cuts, while long-term risks could arise from the next U.S. presidential administration potentially taking a less friendly stance toward cryptocurrencies.
Just hours after McKay's comments, he added, “Whether the four-year cycle has ended remains to be seen.”
In February of this year, ARK Invest CEO Cathie Wood predicted in the company’s “bull market scenario” that Bitcoin could reach $1.5 million by 2030. Earlier, in May 2024, Twitter co-founder Jack Dorsey also predicted that the price of a single BTC would reach $1 million by 2030, or even higher.
It is worth noting that some have warned that if Bitcoin reaches that price prematurely, it could signal warning signs.
Galaxy Digital CEO Mike Novogratz stated that if Bitcoin reaches $1 million next year, it would not be a victory but could indicate serious problems in the U.S. economy.
“For those cheering for Bitcoin to hit $1 million next year, I want to say it will only reach that price if our domestic situation is extremely dire,” Novogratz said on the Coin Stories podcast to Natalie Brunell on Wednesday.
Related: Kraken and Backed expand tokenized stocks to the Tron ecosystem driven by RWA
Original article: “Coinbase CEO predicts Bitcoin (BTC) will reach $1 million, but analysts say it needs to break through the $124,000 level first”
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